Docstoc

Getting_Out_Of_Debt_Quick

Document Sample
Getting_Out_Of_Debt_Quick Powered By Docstoc
					Getting Out Of Debt Quick

While it may seem like getting out of debt quick is impossible, the
process doesn't have to take forever. There are some simple,
straightforward steps you can take to make the process go as fast as
possible.

When you're taking these steps, it may seem like a long, slow slog
through the mud. However, upon looking back, you'll be amazed at how
quickly you were able to get out of debt.

Cut Up Your Credit Cards

If any of your debt is from credit cards, consider getting out of debt
quick by cutting up your cards. Destroying them won't destroy your debt
in and of itself, but it will keep you from adding to the debt you
currently have.

Cutting up your credit cards can seem like an extreme measure,
particularly when you're used to using them often. Doing it, however,
shows that you are committed to getting out of debt quick and willing to
do whatever it takes to make that happen.

Stop Excess Spending

Once you've cut up your credit cards, stop spending money that isn't
absolutely essential. Before you purchase anything, ask yourself if the
item or service is necessary.

In addition, ask yourself if there is a way you can get what you need
without spending as much money. For instance, a cup of coffee is much
cheaper if you make it at home than if you purchase it at a coffee shop.
It's even cheaper than that if you get your coffee at work, using their
machines and coffee.

This principle goes for major purposes, too. Even if something you're
used to having, like a television, breaks down, you might not need to
purchase a new one right away if having it is not essential.

Put everything you save towards making payments on your debt, if you're
serious about getting out of debt quick. You might be amazed at how much
you were spending on things you didn't really need.

Consolidate Your Debt

If possible, consolidate your debt, particularly if you have high
interest rates from several different lenders. See if there is a bank or
credit union available that is willing to give you one loan at a lower
interest rate that will allow you to pay off your balances with higher
interest rates.

While consolidating your debt does not take it away, it does allow you to
pay more towards the actual balance you owe and less towards paying off
interest that has accumulated. If you're interested in getting out of
debt quick, this is in your best interests.

Earn More Money

Find a way to earn some extra money. This might mean asking for a raise,
doing some freelance or consulting work, or selling items online. Take a
serious look at what this would mean for you and do whatever it takes to
bring in more income.

Of course, once you've earned this extra money, you'll want to put it
toward your debt. Some people might spend it on themselves, but a
commitment to getting out of debt quick means that you will put it
towards paying off what you owe.

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:2
posted:3/15/2011
language:English
pages:2